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FOMC Minutes Knock EUR/USD Back Below $1.2200

EUR
MNI (London)
  • EUR/USD extended in early European trade Wednesday, retested the Feb25 high at $1.2243 (touched $1.2245) before it retreated to $1.2189 as position adjustments ahead of the NY open/FOMC Minutes emerged.
  • Rate recovered to $1.2239 before another round of position adjustment eased it to $1.2206 ahead of FOMC Minutes.
  • Minutes were seen with a hawkish tone, noted a number of participants suggested it may be appropriate to begin discussing a pan for adjusting pace of asset purchases, which provided a sharp move higher in the USD, took EUR/USD to an extended pullback low of $1.2160, closing the day at $1.2176
  • Rate edged to $1.2185 in early Tokyo, as USD/JPY eased despite Goto-bi day demand, then settled around $1.2180 through the balance of the session.
  • Support $1.2160/50, $1.2126(May17 low, 61.8% 1.2052-1.2245) ahead of $1.2100. Resistance $1.2185, $1.2200, $1.2215/25, stronger $1.2245/50(option barrier at $1.2250?).
  • Option expiries of note for today include $1.2160(E916m-EUR puts), $1.2175(E1.3bln-EUR puts), $1.2190-95(E571mln-EUR puts), $1.2215-35(E738mln-EUR puts)
  • Germany PPI 0600GMT, EZ Current Account 0800GMT, EZ Construction 0900GMT. ECB Lane 0900GMT, Lagarde and Holzman 1150GMT. US Weekly Jobless Claims, Phila Fed 1230GMT. Fed Kaplan 1430GMT.
  • MNI Techs: EURUSD outlook remains bullish following the recovery from 1.2052, May 13 low. Pair rallied Wednesday to 1.2245 before pulling back. An extension to expose 1.2285, Jan 8 high. Key short-term support has been defined at 1.2052, May 13 low while initial support is at 1.2126, the May 17 low. A break of the former would signal a top.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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